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statistical techniques in business
Statistical Techniques in Business and Economics 17th edition Douglas A. Lind, William G Marchal - Solutions
Compute a simple aggregate price index for 2016. Use 2000 as the base period. Price Quantity Part 2016 2000 2000 2016 340 130 250 RC-33 SM-14 320 110 230 $0.50 1.20 0.85 $0.60 0.90 1.00 WC50
Compute Paasche€™s index for 2016 using 2000 as the base period. Price Quantity Part 2016 2000 2000 2016 340 130 250 RC-33 SM-14 320 110 230 $0.50 1.20 0.85 $0.60 0.90 1.00 WC50
Compute Laspeyres€™ price index for 2016 using 2000 as the base period. Price Quantity 2016 2000 2016 $0.05 2000 Item Cabbage (pound) Carrots (bunch) Peas (quart) Endive (bunch) 1,500 200 500 200 2,000 200 400 100 $0.06 0.12 0.18 0.20 0.15 0.15
Compute Paasche€™s index for 2016 using 2000 as the base period. Price 2016 $0.05 Quantity 2000 2,000 200 400 100 2000 2016 Item 1,500 200 500 200 Cabbage (pound) Carrots (bunch) Peas (quart) Endive (bunch) $0.06 0.10 0.12 0.18 0.20 0.15 0.15
Determine Fisher€™s ideal index using the values for the Laspeyres and Paasche indexes computed in the two previous problems. Price 2016 $0.05 Quantity 2000 2,000 200 400 100 2000 2016 Item 1,500 200 500 200 Cabbage (pound) Carrots (bunch) Peas (quart) Endive (bunch) $0.06 0.10 0.12 0.18
Determine a value index for 2016 using 2000 as the base period. Price 2016 $0.05 Quantity 2000 2,000 200 400 100 2000 2016 Item 1,500 200 500 200 Cabbage (pound) Carrots (bunch) Peas (quart) Endive (bunch) $0.06 0.10 0.12 0.18 0.20 0.15 0.15
Compute Laspeyres€™ price index for 2016 using 1990 as the base period. Price 1990 $0.287 Quantity 2016 Item Aluminum (cents per pound) Natural gas (1,000 cu. ft.) Petroleum (barrel) Platinum (troy ounce) 1990 1,000 5,000 60,000 500 2016 1,200 4,000 60,000 600 $0.73 2.12 44.08 1,904.30
Determine Fisher€™s ideal index using the values for the Laspeyres and Paasche indexes computed in the two previous problems. 2000 2016 Item Price Price Quantity 18 Quantity 27 Margarine (pound) Shortening (pound) Milk (2 gallon) Potato chips $0.81 $2.00 0.84 1.44 2.91 1.88 2.89 3.99 70
Compute Paasche's index for 2016 using 1990 as the base period. 2000 2016 Price $0.81 0.84 1.44 2.91 Item Price Quantity 18 Quantity 27 Margarine (pound) Shortening (pound) Milk (2 gallon) Potato chips $2.00 1.88 2.89 3.99 70 27 65 33
Team Sports Inc. sells sporting goods to high schools and colleges via a nationally distributed catalog. Management at Team Sports estimates it will sell 2,000 Wilson Model A2000 catcher’s mitts next year. The deseasonalized sales are projected to be the same for each of the four quarters next
Refer to Exercises 1, 3, and 5. Compute the expected value of perfect information. State of Nature Alternative s, $50 $70 $100 A, Az A, 90 40 80 90 70 60
Refer to Exercises 2, 4, and 6. Compute the expected value of perfect information. State of Nature Alternative s, $50 $70 $100 A, Az A, 90 40 80 90 70 60
Dude Ranches Incorporated was founded on the idea that many families in the eastern and southern areas of the United States do not have a sufficient amount of vacation time to drive to the dude ranches in the Southwest and Rocky Mountain areas for their vacations. Various surveys indicated,
Tim Waltzer owns and operates Waltzer€™s Wrecks, a discount car rental agency near Cleveland Hopkins International Airport. He rents a wreck for $20 a day. He has an arrangement with Landrum Leasing to purchase used cars at $6,000 each. His cars receive only needed maintenance and, as a
Compute a simple index for the number of employees for GE using the period 2004€“06 as the base. What can you conclude about the change in the number of employees over the period? Employees (000) Revenue Revenue ($ mllon) 150 147 147 146 149 151 Employees ($ milllon) Year Year (000) 325
Compute a simple index for the number of employees for GE. Use 2004 as the base period. What can you conclude about the change in the number of employees over the period? Employees (000) Revenue Revenue ($ mllon) 150 147 147 146 149 151 Employees ($ milllon) Year Year (000) 325 307 316 319 327 323
Compute a simple index for the revenue of GE using the period 2004€“06 as the base. What can you conclude about the change in revenue over the period? Employees (000) Revenue Revenue ($ mllon) 150 147 147 146 149 151 Employees ($ milllon) Year Year (000) 325 307 316 319 327 323 2010 2011
Compute a simple index for the revenue of GE. Use 2004 as the base period. What can you conclude about the change in revenue over the period? Employees (000) Revenue Revenue ($ mllon) 150 147 147 146 149 151 Employees ($ milllon) Year Year (000) 325 307 316 319 327 323 2010 2011 2012 2004 2005 2006
Samples of size 5 are selected from a manufacturing process. The mean of the sample ranges is .50. What is the estimate of the standard deviation of the population?
Use the variables mean amount per transaction and number of associates to forecast net sales. Are these two independent variables reasonable predictors of net sales? Assoclates Net Sales Mean Amount ($ milllon) per Transaction Year Time (000) CPI 50.6 1993 39.13 9,239 144.500 41.29 1994 2 67.3
Develop a trend equation for the net sales ($ million) for Home Depot. Consider both a linear trend and a nonlinear trend. Which one would you select and why? Given the trend equation you selected, forecast the net sales for 2016 and 2017. Assoclates Net Sales Mean Amount ($ milllon) per
At the beginning of this chapter, we presented a graph showing the price per gallon of gasoline from 1996 until 2015. The actual data for each year are given below.Determine the trend line using both linear and nonlinear equations. Which would you suggest? Why? Based on your recommendation as the
Listed below is the selling price for a share of Oracle Inc. stock at the close of the year for 1998 through 2015.a. Plot the data.b. Determine the least squares trend equation. Use both the actual stock price and the logarithm of the price. Which seems to yield a more accurate forecast?c. Using
If plotted, the following sales series would appear curvilinear. This indicates that sales are increasing at a somewhat constant annual rate (percent). To fit the sales, therefore, a logarithmic equation should be used.a. Determine the logarithmic equation.b. Determine the coordinates of the points
The following table lists the annual amounts of glass cullet produced by Kimble Glass Works Inc. for 2013 through 2017.Determine the least squares trend equation. Estimate the amount of scrap for the year 2019. Scrap (tons) Scrap (tons) Year Year Code Code 2 4 3 2013 2014 2015 2016 2017 5 4 2 3
The following table gives information on the Consumer Price Index (Base = 1982€“84) and the monthly take-home pay of Bill Martin, an employee at Ford Motor Corporation.a. What is the purchasing power of the dollar in 2016, based on the period 1982€“84?b. Determine Mr.
We are making a historical study of the American economy from 1950 to 1980. Data on prices, the labor force, productivity, and the GNP were collected. Note in the following table that the CPI has a base period of 1967, employment is in millions of persons, and so on. A direct comparison, therefore,
Using 2000 as the base period, compute a simple index of domestic sales for each year from 2004 until 2015. Interpret the trend in domestic sales. Domestic Sales Internatlonal Sales Employees (thousands) ($ mllon) ($ mllon) Year 17,316 2000 11,856 100.9 2001 19,825 12,492 101.8 2002 22,455 13,843
In April 2013, the mean salary for a nurse manager with a bachelor’s degree was $89,673. The Consumer Price Index for March 2016 was 238.132 (1982–84 = 100). The mean annual salary for a nurse in the base period of 1982–84 was $19,800. What was the real income of the nurse in March 2016? How
The prices and production of grains for 2002 and 2015 (http://www.ers.usda.gov) are listed below.Using 2002 as the base period, find the value index of grains produced for 2015. 2002 Production (mlllons of bushels) 2015 Productlon (mllons of bushels) 2002 Price Per Bushel 2015 Price Per Bushel
In January 2003, the price for a whole fresh chicken was $1.004 per pound. In February 2016, the price for the same chicken was $1.475 per pound. Use the January 2003 price as the base period and 100 as the base value to develop a simple index. By what percent has the cost of chicken increased?
The table below reports the earnings per share of common stock for Home Depot Inc. for 2003 through 2015. Develop an index, with 2003 as the base, for earnings per share for years 2004 through 2015. Year Earnings per Share Year Earnings per Share 2003 1.56 2010 1.57 2004 1.88 2011 2.01 2005 2.26
PNC Bank Inc., which has its headquarters in Pittsburgh, reported the following commercial loan totals for years 2008 through 2015. Using 2008 as the base, develop a simple index of commercial loans for the following yearsYear............................................ Loans ($
Under what conditions should the Kruskal-Wallis test be used instead of the Wilcoxon rank- um test?
The following hypothesis-testing situation is given: H0: π = .50 and H1: π ≠ .50. The significance level is .05, and the sample size is 9.a. What is the decision rule?b. There were five successes. What is your decision regarding the null hypothesis?
The following hypothesis-testing situation is given: H0: π ≤ .50 and H1: π > .50. The significance level is .10, and the sample size is 12.a. What is the decision rule?b. There were nine successes. What is your decision regarding the null hypothesis? Explain.
You’re about to drive to New York. If your car’s engine is out of tune, your gas cost will increase by $100. Having the engine tested will cost $20. If it’s out of tune, repairs will cost $60. Before testing, the probability is 30% that the engine is out of tune. What should you do?
You sign up for a cell phone plan and are presented with this chart showing how your plan €œautomatically adjusts€ to the minutes you use each month. For example: If you select Option 1 and you use 700 minutes the first month, you€™ll only pay $79.99. If your usage
Casual Furniture World has had numerous inquiries regarding the availability of furniture and equipment that could be rented for large outdoor summer parties. This includes such items as folding chairs and tables, a deluxe grill, propane gas, and lights. No rental equipment of this nature is
The proprietor of the newly built White Mountain Ski and Swim Lodge has been considering purchasing or leasing several snowmobiles for the use of guests. The owner found that other financial obligations made it impossible to purchase the machines. Snowmobiles Incorporated (SI) will lease a machine
The quality assurance department at Malcomb Products must either inspect each part in a lot or not inspect any of the parts. That is, there are two decision alternatives: inspect all the parts or inspect none of the parts. The proportion of parts defective in the lot, Sj, is known from historical
Thomas Manufacturing Company has $100,000 available to invest. John Thomas, the president and CEO of the company, would like to either expand his production, invest the money in stocks, or purchase a certificate of deposit from the bank. Of course, the unknown is whether the economy will continue
A financial executive for Fidelity Investments lives in Boston but frequently must travel to New York. She can go to New York by car, train, or plane. The cost for a plane ticket from Boston to New York is $200, and it is estimated that the trip takes 30 minutes in good weather and 45 minutes in
Blackbeard€™s Phantom Fireworks is considering introducing two new bottle rockets. The company can add both to the current line, neither, or just one of the two. The success of these products depends on consumers€™ reactions. These reactions can be summarized as good, P(S1) =
Refer to Exercise 2. Reverse the probabilities; that is, let P(S1)= .30 and P(S2) = .70 and use Expected Monetary Value to evaluate the decision. Does this alter your decision?In exercise 2Wilhelms Cola Company plans to market a new lime-flavored cola this summer. The decision is whether to package
Refer to Exercise 1. Revise the probabilities as follows: P(S1) = .50, P(S2) = .20, and P(S3) = .30 and use Expected Monetary Value to evaluate the decision. Does this change the decision?
Refer to Exercise 2, involving Wilhelms Cola Company. Develop an opportunity loss table, and determine the opportunity loss for each decision.In exercise 2Wilhelms Cola Company plans to market a new lime-flavored cola this summer. The decision is whether to package the cola in returnable or in
Refer to Exercise 1. Develop an opportunity loss table. Determine the opportunity loss for each decision.In exercise 1The following payoff table was developed. Let P(S1) = .30, P(S2) = .50, and P(S3) = .20. Compute the expected monetary value for each of the alternatives. What decision would you
Wilhelms Cola Company plans to market a new lime-flavored cola this summer. The decision is whether to package the cola in returnable or in nonreturnable bottles. Currently, the state legislature is considering eliminating nonreturnable bottles. Tybo Wilhelms, president of Wilhelms Cola Company,
The following payoff table was developed. Let P(S1) = .30, P(S2) = .50, and P(S3) = .20. Compute the expected monetary value for each of the alternatives. What decision would you recommend? State of Nature Alternative s, $100 $50 $70 A, Az A, 90 40 80 70 60 90
During the 2016 Masters Golf tournament Jordan Spieth failed to repeat as champion. His scores relative to par in each round, on each hole are reported in the table below. Develop and review appropriate control charts for his performance. Report your findings. Hole Round 1 Round 2 Round 3 Round 4
Long Last Tire Company, as part of its inspection process, tests its tires for tread wear under simulated road conditions. Twenty samples of three tires each were selected from different shifts over the last month of operation. The tread wear is reported below in hundredths of an inch.a.
Describe the difference between an attribute control chart and a variable control chart
Describe the difference between assignable variation and chance variation.
The proportion of on-line shoppers who actually make a purchase appears to be relatively constant over time. In 2013, among a sample of 388 on-line shoppers, 160 purchased merchandise. In 2017, for a sample of 307 on-line shoppers, 144 purchased merchandise. At the .05 level of significance, did
To prevent spam from entering your email inbox, you use a filter. You are interested in knowing if the number of spam emails differs by day of the week. The number of spam emails by day of week is counted and recorded. Minitab is used to perform the data analysis. Here are the results:Using the
The fuel efficiencies for a sample of 27 compact, midsize, and large cars are entered into a statistical software package. Analysis of variance is used to investigate if there is a difference in the mean miles per gallon of the three car sizes. What do you conclude? Use the .01 significance
When only two treatments are involved, ANOVA and the Student€™s t test (Chapter 11) result in the same conclusions. Also, for computed test statistics, t2 = F. To demonstrate this relationship, use the following example. Fourteen randomly selected students enrolled in a history course
There are two major cell phone providers in the Colorado Springs, Colorado area, one called HTC and the other, Mountain Communications. We want to investigate the “churn rate” for each provider. Churn is the number of customers or subscribers who cut ties with a company during a given time
In a particular chi-square goodness-of-fit test, there are six categories and 500 observations. Use the .01 significance level.a. How many degrees of freedom are there?b. What is the critical value of chi-square?
In a particular chi-square goodness-of-fit test, there are four categories and 200 observations. Use the .05 significance level.a. How many degrees of freedom are there?b. What is the critical value of chi-square?
The U.S. Department of Transportation estimates that 10% of Americans carpool. Does that imply that 10% of cars will have two or more occupants? A sample of 300 cars traveling southbound on the New Jersey Turnpike yesterday revealed that 63 had two or more occupants. At the .01 significance level,
video media consultant collected the following data on popular LED televisions sold through on-line retailers.a. Does there appear to be a linear relationship between the screen size and the price?b. Which variable is the €œdependent€ variable?c. Using statistical software,
Refer to the Baseball 2016 data, which reports information on the 2016 Major League Baseball season. Let attendance be the dependent variable and total team salary be the independent variable. Determine the regression equation and answer the following questions.a. Draw a scatter diagram. From the
The following data show the retail price for 12 randomly selected laptop computers along with their corresponding processor speeds in gigahertz.a. Develop a linear equation that can be used to describe how the price depends on the processor speed.b. Based on your regression equation, is there one
For each of the 32 National Football League teams, the numbers of points scored and allowed during the 2016 season are shown below.Assuming these are sample data, answer the following questions. You may use statistical software to assist you.a. What is the correlation coefficient between these
The table below shows the number of cars (in millions) sold in the United States forvarious years and the percent of those cars manufactured by GM.Use a statistical software package to answer the following questions.a. Is the number of cars sold directly or indirectly related to GM€™s
Every April, The Masters€”one of the most prestigious golf tournaments on the PGA golf tour€”is played in Augusta, Georgia. In 2016, 55 players received prize money. The 2016 winner, Danny Willett, earned a prize of $1,800,000. Jordan Spieth and Lee Westwood tied for second
Each of three supermarket chains in the Denver area claims to have the lowest overall prices. As part of an investigative study on supermarket advertising, a local television station conducted a study by randomly selecting nine grocery items. Then, on the same day, an intern was sent to each of the
A task requires the completion of four activities. A teacher would like to know if differences in the sequence of the four activities results in different task completion times. The teacher selects three students and demonstrates the activities in random order to the students. Then each student
The manager of a computer software company wishes to study the number of hours per week senior executives by type of industry spend at their desktop computers.The manager selected a sample of five executives from each of three industries. At the .05 significance level, can she conclude there is a
A goal of financial literacy for children is to learn how to manage money wisely. One question is: How much money do children have to manage? A recent study by Schnur Educational Research Associates randomly sampled 15 children between 8 and 10 years old and 18 children between 11 and 14 years old
The information below shows the cost for a year of college in public and private colleges in 2002€“03 and 2015€“16. What is the geometric mean annual increase for the period for the two types of colleges? Compare the rates of increase. Type of College 2015-16 2002-03 $23,893
The distribution of the weights of a sample of 1,400 cargo containers is symmetric and bell-shaped. According to the Empirical Rule, what percent of the weights will lie:a. Between x̅ − 2s and x̅ + 2s?b. Between x̅ and x̅ + 2s ? Above x + 2s?
The table below shows the percent of the labor force that is unemployed and the size of the labor force for three counties in northwest Ohio. Jon Elsas is the Regional Director of Economic Development. He must present a report to several companies that are considering locating in northwest Ohio.
Flashner Marketing Research Inc. specializes in providing assessments of the prospects for women’s apparel shops in shopping malls. Al Flashner, president, reports that he assesses the prospects as good, fair, or poor. Records from previous assessments show that 60% of the time the prospects were
A CD contains 10 songs; 6 are classical and 4 are rock and roll. In a sample of three songs, what is the probability that exactly two are classical? Assume the samples are drawn without replacement.
A population consists of 15 items, 10 of which are acceptable. In a sample of four items, what is the probability that exactly three are acceptable? Assume the samples are drawn without replacement.
In the past, schools in Los Angeles County have closed an average of 3 days each year for weather emergencies. What is the probability that schools in Los Angeles County will close for 4 days next year?
Croissant Bakery Inc. offers special decorated cakes for birthdays, weddings, and other occasions. It also has regular cakes available in its bakery. The following table gives the total number of cakes sold per day and the corresponding probability. Compute the mean, variance, and standard
The following data on annual rates of return were collected from eleven randomly selected stocks listed on the New York Stock Exchange (“the big board”) and twelve randomly selected stocks listed on NASDAQ. Assume the population standard deviations are the same. At the .10 significance level,
A recent Gallup study (http://www.gallup.com/poll/175286/hour-workweek-actually longer seven hours.aspx) found the typical American works an average of 46.7 hour per week. The study did not report the shape of the distribution of hours worked or the standard deviation. It did however indicate that
The National Aeronautics and Space Administration (NASA) has experienced two disasters. The Challenger exploded over the Atlantic Ocean in 1986, and the Columbia disintegrated on reentry over East Texas in 2003. Based on the first 113 missions, and assuming failures occur at the same rate, consider
A normal distribution has a mean of 80 and a standard deviation of 14. Determine the value above which 80% of the values will occur.
A processor of carrots cuts the green top off each carrot, washes the carrots, and inserts six to a package. Twenty packages are inserted in a box for shipment. Each box of carrots should weigh 20.4 pounds. The processor knows that the standard deviation of box weight is 0.5 pound. The processor
The null and alternate hypotheses are:H0: μ1 = μ2H1: μ1 ≠ μ2A random sample of 15 items from the first population showed a mean of 50 and a standard deviation of 5. A sample of 12 items for the second population showed a mean of 46 and a standard deviation of 15.
Grand Strand Family Medical Center treats minor medical emergencies for visitors to the Myrtle Beach area. There are two facilities, one in the Little River Area and the other in Murrells Inlet. The Quality Assurance Department wishes to compare the mean waiting time for patients at the two
Assume that the hourly cost to operate a commercial airplane follows the normal distribution with a mean of $2,100 per hour and a standard deviation of $250. What is the operating cost for the lowest 3% of the airplanes?
A normal distribution has a mean of 50 and a standard deviation of 4. Determine the value below which 95% of the observations will occur.
List the major characteristics of a normal probability distribution.
Refer to the North Valley Real Estate data, which report information on homes sold in the area last year.a. Create a probability distribution for the number of bedrooms. Compute the mean and the standard deviation of this distribution.b. Create a probability distribution for the number of
According to sales information in the first quarter of 2016, 2.7% of new vehicles sold in the United States were hybrids. This is down from 3.3% for the same period a year earlier. An analyst’s review of the data indicates that the reasons for the sales decline include the low price of gasoline
During the second round of the 1989 U.S. Open golf tournament, four golfers scored a hole in one on the sixth hole. The odds of a professional golfer making a hole in one are estimated to be 3,708 to 1, so the probability is 1/3,709. There were 155 golfers participating in the second round that
Tire and Auto Supply is considering a 2-for-1 stock split. Before the transaction is finalized, at least two-thirds of the 1,200 company stockholders must approve the proposal. To evaluate the likelihood the proposal will be approved, the CFO selected a sample of 18 stockholders. He contacted each
What is the difference between a random variable and a probability distribution?
It is estimated that 0.5% of the callers to the Customer Service department of Dell Inc. will receive a busy signal. What is the probability that of today’s 1,200 callers at least 5 received a busy signal?
In a Poisson distribution μ = 4.a. What is the probability that x = 2?b. What is the probability that x ≤ 2?c. What is the probability that x > 2?
In a Poisson distribution μ = 0.4.a. What is the probability that x = 0?b. What is the probability that x > 0?
The director of admissions at Kinzua University in Nova Scotia estimated the distribution of student admissions for the fall semester on the basis of past experience. What is the expected number of admissions for the fall semester? Compute the variance and the standard deviation of the number of
Keith’s Florists has 15 delivery trucks, used mainly to deliver flowers and flower arrangements in the Greenville, South Carolina, area. Of these 15 trucks, 6 have brake problems. A sample of five trucks is randomly selected. What is the probability that two of those tested have defective brakes?
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